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Sharp to provide tech to Hon Hai plant: report

TokyoBureau

TOKYO (MarketWatch) -- Sharp Corp. (6753.TO) will provide advanced technology for producing liquid-crystal display panels to Hon Hai Precision Industry Co. (2317.TW) for the latter's new plant in China, kicking off joint business operations between the two companies in line with their recent capital alliance, the Nikkei reported in its Thursday evening edition.

The Japanese maker of display panels and TVs will provide technology to the small- and mid-sized LCD panel plant that its Taiwanese partner is planning to construct in Chengdu, Sichuan Province. In return, Sharp will receive several tens of billions of yen, the Nikkei said.

In March, Sharp said it sold a 10% stake to Hon Hai and its affiliate companies, collectively known as Foxconn, in exchange for about $800 million in cash to help shore up its core business of LCD panels for televisions-an operation largely responsible for the multibillion-dollar losses Sharp expects to post this fiscal year.

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